Azerbaijan, Baku, October 15 / Trend , N.Ismayilova /
Anglo Asian Mining plc company, the only gold producer in Azerbaijan, has exported more than 5,000 ounces of gold produced Gadabay gold deposit in Azerbaijan, the director general of the company Reza Vaziri said on Oct. 15.
"As of the end of the year, we are planning to export about 40,000 ounces of gold, as our work delayed because of weather conditions, but next year it is expected to export 60,000 ounces," said Vaziri.
He said the increase in gold prices on world markets had a positive impact on the company.
"The last consignment of gold was sold at the price of $1,049 10 days ago, which is a very high price, and but today the price is $1,063, and it certainly has a positive impact on expenditure policy and investments," said Vaziri.
Today $ 70 million was invested in developing the Gadabay deposit. According to him, if gold prices remain at current levels, the investment will return in three years compared the forecast of 7-8 years.
"We have also conducted research on the new gold deposits, including analysis of ore," he said.
According to him, by the end of 2010, two deposits can already be connected to the manufacturing process.
The Anglo Asian Mining PLC company has the right to develop six deposits in the south-west of Azerbaijan - Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vezhnali and Soyutlu on the basis of PSA signed with the Government of Azerbaijan in August 1997.
Under the contract, it is expected to produce about 400 tons of gold, 2,500 tons of silver and 1.5 million tons of copper on the fields.
In general, by 2015 there are plans to produce more than 300 million ounces of gold.
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